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NEW YORK, Jan 30 (Reuters) - Standard & Poor's on Wednesday said it cut or may cut its ratings on $270 billion worth of U.S. mortgage-backed securities while putting $264 billion of collateralized debt obligations on watch for a possible downgrade.

The ratings action affects 6,389 classes of U.S. residential mortgage-backed securities backed by first-lien subprime loans and 1,953 ratings from 572 global CDOs backed by asset-backed securities and other CDOs.

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Gold is the ultimate protection in these situations. It's getting really really ugly out there.